Positive Jobs Report, Higher Mortgage Rates?

I'm not sure what half of a nanosecond is, but that's about how long it took after the positive jobs announcement this morning, for folks to start ruminating about the Fed raising interest rates; in turn, one more half of a nanosecond later, and someone asked me what all that would mean for mortgage rates.

Here's an answer from Miller Tabak's Peter Boockvar:

The real question is how will the bond market react to Fed rate hikes? Would they be encouraged by the Fed’s inflation fighting and keep longer term rates low, or will they focus more on the improving economy and inflation expectations and send longer term rates higher notwithstanding Fed action? An impact is being felt though now, as today, the 30 yr FNMA coupon is rising a large 13 bps to 4.295%, the highest in a month, and mortgage rates have been running about 100 bps above that. The MBS yield is up 36 bps just this week.

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